//What Happens To Your Credit Score After Filing Bankruptcy

What Happens To Your Credit Score After Filing Bankruptcy

Let Our Las Vegas Bankruptcy Attorney Explain What Happens to Your Credit Score After Filing.

Repair your credit. What is your credit score after filing bankruptcy?

Get your credit score back to 720 after filing bankruptcy. Las Vegas Bankruptcy Lawyer Shows You How.

Most people believe that after filing for bankruptcy their credit score will drop drastically.  This, however, is not entirely true.  People filing for bankruptcy are usually already in financial hard times.  In these cases, where debtor’s already have a low credit score, the bankruptcy filer will see a significant increase within the first 12 months after filing for bankruptcy protection in Nevada.

The increase in a credit score after filing for chapter 7 or chapter 13 bankruptcy is largely due to the debt to income ratio being fixed upon the discharge of the unsecured debt.  In other cases when a debtor filed with a higher credit score, they may see a slight drop initially.  At the Law Offices of Erik Severino, our dedicated Nevada bankruptcy lawyer, pulls a bankruptcy specific credit report for our clients which will show them what to expect after filing.  Contact our Nevada bankruptcy lawyer for assistance with your credit score.  Know the affects of bankruptcy on your credit after filing BK.  There is life after bankruptcy.

Rebuilding your credit after a Bankruptcy

One of the best ways to fix your credit score after filing is to open a new card. A secured credit card.  Having a variety of accounts is helpful as well.  Try to open a gas or retail store card.  The key is to not charge over 30% of the available limit.  Additionally, always leave a small balance on the account.  Keeping the card active is best.  Thus,making monthly charge and subsequent payment.  A secured loan such as a car loan or a mortgage will also help if the payments are kept current.  If you are unable to qualify for a card on your own, being on a co-signed account can also help if you have someone willing to co-sign for you.  You will also want to avoid closing any accounts.  Longevity and consistency is the key to rebuilding your credit score.
Credit bureaus are also known to be incorrect.  After the discharge of a bankruptcy it is a good idea to pull a current report and to dispute any discrepancies or accounts that did not reflect the discharge.  Submitting disputes through independent agencies is best.  Credit reports can be pulled for free through multiple website such as www.annualcreditreport.com and www.creditkarma.com.  It is important to monitor your credit report carefully.  My Arizona Lawyers and My Las Vegas Lawyers can also refer client’s to agencies that specialize in credit repair after bankruptcy.